Mr. Speaker, as regards the use of the Canadian currency by a sovereign Quebec, it is interesting to look at the recent case of the Czech and Slovak republics. These two new republics had agreed to use a common currency for a transition period of at least six months following their separation. After thirty-nine days, the fear and insecurity of capital holders, that resulted in a massive transfer of assets to other countries, led to this laudable goal being discarded.
The new Slovak republic only had three days to print its own currency to put an end to the massive flight of capital. Today, the currency of that republic, which is the smaller and more vulnerable of the two new states, is worth 12 per cent less than the Czech currency.
By separating from Canada, Quebec would also become extremely vulnerable to such a massive flight of capital. Is the separatist dream really worth the price that will have to be paid? Mr. Speaker, the answer is no.